Mortgage Talk: Is it Time for an Annual Mortgage Check-Up?

Most of us working folks will need a mortgage...
Frank Merola is Executive Mortgage Banker for William Raveis Mortgage LLC.

When you buy a home, experts will agree that it is likely the largest purchase you will make in your lifetime. While some are lucky enough to pay cash, most of us working folks have to take out a mortgage.

It could be time for a check-up.

They say it’s good to visit your doctor every year to make sure your healthy and fit. Often times we don’t look forward to these annual visits to the doctor when they ask you to step on the scale and start to review your vital stats.

Like that annual visit to the doctor’s office, there are reasons why your mortgage should be carefully reviewed every year. Most of the time these have to do with major changes in one’s personal life.

Mortgages can help you build wealth for your retirement, renovate your home, consolidate high interest debt, purchase a vacation home, invest in rental property, pay for a college education and so much more.

While most people obsess and focus solely on their interest rate, the biggest reason for a mortgage checkup are usually due to the following:

  • Families tend to grow and need more space like bedrooms and bathrooms
  • Jobs can move requiring relocation to another part of the state or country
  • Retirement objectives shift and the desire to be mortgage free can speed up or slow down
  • Some loans are adjustable and can be converted to a fixed rate

The mortgage you acquired a few years ago may no longer be the best fit for you. It’s always good to sit down with your mortgage banker or financial advisor and review your current mortgage to see how it fits into your current situation and goals.

Whether you are refinancing or buying a home, you should be walking away with a strategy in place to accomplish your goals not only for the short term, but also for the long term and it shouldn’t look the same through every phase of your mortgage life.

Contribution By Molly Barnes, Digital Nomad Life

Frank Merola

Executive Mortgage Banker

NMLS Mortgage Loan Originator ID: 1020051

William Raveis Mortgage LLC NMLS ID #2630

Cell 508-740-5922

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